Buying after 10 years paying rent

A LOCAL owner-occupier, who has been renting for almost a decade, has snapped up an office/warehouse in one of Brisbane’s most sought after industrial precincts.

According to CoreLogic, Holt Street Investments paid $3.2m for the office/warehouse with a short-term lease in place at 2/231 Holt Street, Pinkenba, in a private treaty deal struck by Cushman & Wakefield’s Bevan Galloway and Harrison White.

Mr Galloway said the buyer believed the opportunity was right to purchase in a highly sought after industrial precinct.

“The purchaser had been renting for the past 10 years but due to record low interest rates, he decided the timing was right to purchase as repayments were significantly less than renting,” he said.

On a 4160sq m site, the 2643sq m facility features commercial grade offices over three levels and a warehouse with container height roller doors and extra power.

It also has ample exclusive car parks and views of the Royal Queensland Golf Club.

Mr White said the campaign attracted a few offers from investors.

“However, there was a short lease in place and with the tenants moving out we couldn’t quite get to the numbers the seller was after,” he said.

“This owner-occupier was over and above everyone else so we chose to engage with them and they were able to have an acceptable offer pretty early on in the campaign with minimal terms.

“We were able to work with the seller for an extended settlement which is what the seller needed.”